Apache Profit Drops but Production Rises

1 November 2009 (Last Updated November 1st, 2009 18:30)

US-based oil and gas explorer Apache's net income for the third quarter stood at $441m, representing a 63% drop from $1.2bn in the same period last year, but future growth and “record production” were in the pipeline, the company said. The company reported a net loss of $874m for the f

US-based oil and gas explorer Apache's net income for the third quarter stood at $441m, representing a 63% drop from $1.2bn in the same period last year, but future growth and “record production” were in the pipeline, the company said.

The company reported a net loss of $874m for the first nine months of 2009 compared with a net income of $3.65bn for the same period last year.

Apache’s revenue dropped to $2.33bn in the third quarter, compared with $3.36bin in the same quarter 2008.

The company posted $6.06bn in revenue for the first nine months of 2009 compared with $10.45bn last year.

Average worldwide production for Q3 2009 was 607,118 barrels of oil equivalent per day, representing a 3.4% increase from Q2 2009 and a 19% increase from the same period last year, the company said.

"Apache's regional growth drivers put the company on track for record production and solid financial results in 2009, and we will enter 2010 with strong momentum, including two development projects in Australia that should add 40,000 barrels of oil per day to worldwide output when they commence operations in the first half," chairman and CEO G Steven Farris said.

Average liquid hydrocarbons production was 297,997 barrels per day in Q3 2009, an increase of 2% from Q2 2009, while Q3 2009 average gas production was 1.85 billion cubic feet per day, an increase of 5% from Q2 2009.